Will Venezuela Be Able to Restructure Its Billions in Debt?
President Nicolás Maduro this month called for a restructuring of Venezuela’s massive debt, estimated at $120 billion. The announcement led to a selloff in the country’s bonds and was seen as a sign that Maduro’s government may finally be reaching the limits of its ability to pay its debts. Russia later agreed to a $3.5 billion debt restructuring with Venezuela. How much success will Maduro have in restructuring Venezuela’s debt, and could such a move lead Venezuela to emerge from its economic crisis?